Texas couples would like to think that their marriages will last. However, many of them end up getting a divorce. If you and your spouse have called it quits, you will want to know what happens when you have to divide your property as part of your divorce settlement.
What are the property distribution laws in Texas?
Texas is a community property state when pertaining to divorce. This means that any property that was obtained throughout the marriage is divided between the two spouses. This property is considered to be owned by each party equally, which means it will be subject to property division.
Any property either spouse owned prior to getting married is considered separate property. This may include property, assets, inheritances and gifts. Property owned separately is kept by each spouse after the finalization of the divorce.
How is community property divided during a divorce?
When a married couple gets a divorce in Texas, the court will consider all the factors in the case when deciding how to divide marital property. If there is any fault involved in the end of the marriage, the court will take that into consideration. Each party’s income and potential earning capacity is also a factor.
If there are children involved in the marriage, the court may decide that the spouse with custody should get a larger share of the community property during the divorce. Other factors considered include each party’s level of education and ability to be employed in the future.
While the court will equitably divide the community property during a divorce, it doesn’t necessarily mean the division will be 50/50. Equitable depends on the above factors.
Debts that were incurred during the marriage are also divided among divorcing spouses. However, debts that were amassed by either spouse separately will be that person’s responsibility. If the other party didn’t contribute to the debt, they are often excused from it.